The internet revolution has created a faster and more cost effective method of trading goods online. Through internet auctions, the marketplace is now virtually accessible in the privacy of one's own home or office.
Online auctions are an efficient and less expensive way of buying and selling goods and services. Auction trading is also considered a strategic way of marketing and selling products without the added cost of renting a building or spending on transportation.
Everything is available on the net, from automobiles to zimmer frames, and are all being auctioned almost everyday in various online auctions sites. Buyers can choose from a variety of sites that cater to specific products like, heavy equipment, office equipment, goods that are being sold by companies under liquidation, hotel and restaurant equipment, digital cameras and almost everything else you can think of or desire.
To sell through an online auction, you have to register with your chosen auction site. But first check the sort of products being auctioned. Get an idea of the number of sellers, the number of bidders, the sort of prices your items normally fetch.
As a seller you need to be aware of the possible auction formats
Private auction
This is one which keeps the bidder's identity secret on the assumption that bidders whose identities remain undisclosed will be more comfortable in bidding for various products.
Straight action
It is an auction format where a single item will be auctioned and there is no minimum bid. The beginning or starting bid depends on the first bidder.
Reserve auction
Is one where the seller sets a reserve price which is not disclosed to the buyer. Under this format, the highest bidder wins the auctioned item only if the reserve is met.
Sellers in an online auction must be creative in selling their products, considering that hundreds of similar products are being auctioned on a daily basis.
Product presentation, especially when done in a creative manner, will attract prospective buyers. Make sure there is a good picture and a good descripton of the goods being sold. The best times to start your auction is during evenings and weekends when possible buyers have more time to surf. You also want the most possible bidders online when the auction finishes, as that is the time that you will get most bids on your auction.
In online auctions, sellers must choose products they are familiar with. Selling products that you know well will be more profitable. If you know the product it will be easier to make a good sales pitch. Believing in your product is also important. If you are a user of the product, and a believer in its value, it will be easy to convince your target market to buy your products from you.
Products that are sold through online auctions are seen and inspected by buyers through photographs and sometimes, only through a description provided by the seller. A seller should make sure his products are described attractively without deceiving the buyers.
Your auction title, description and picture must catch the buyer's attention and make him want to buy your product.
Online auctions are an efficient and less expensive way of buying and selling goods and services. Auction trading is also considered a strategic way of marketing and selling products without the added cost of renting a building or spending on transportation.
Everything is available on the net, from automobiles to zimmer frames, and are all being auctioned almost everyday in various online auctions sites. Buyers can choose from a variety of sites that cater to specific products like, heavy equipment, office equipment, goods that are being sold by companies under liquidation, hotel and restaurant equipment, digital cameras and almost everything else you can think of or desire.
To sell through an online auction, you have to register with your chosen auction site. But first check the sort of products being auctioned. Get an idea of the number of sellers, the number of bidders, the sort of prices your items normally fetch.
As a seller you need to be aware of the possible auction formats
Private auction
This is one which keeps the bidder's identity secret on the assumption that bidders whose identities remain undisclosed will be more comfortable in bidding for various products.
Straight action
It is an auction format where a single item will be auctioned and there is no minimum bid. The beginning or starting bid depends on the first bidder.
Reserve auction
Is one where the seller sets a reserve price which is not disclosed to the buyer. Under this format, the highest bidder wins the auctioned item only if the reserve is met.
Sellers in an online auction must be creative in selling their products, considering that hundreds of similar products are being auctioned on a daily basis.
Product presentation, especially when done in a creative manner, will attract prospective buyers. Make sure there is a good picture and a good descripton of the goods being sold. The best times to start your auction is during evenings and weekends when possible buyers have more time to surf. You also want the most possible bidders online when the auction finishes, as that is the time that you will get most bids on your auction.
In online auctions, sellers must choose products they are familiar with. Selling products that you know well will be more profitable. If you know the product it will be easier to make a good sales pitch. Believing in your product is also important. If you are a user of the product, and a believer in its value, it will be easy to convince your target market to buy your products from you.
Products that are sold through online auctions are seen and inspected by buyers through photographs and sometimes, only through a description provided by the seller. A seller should make sure his products are described attractively without deceiving the buyers.
Your auction title, description and picture must catch the buyer's attention and make him want to buy your product.
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